USD/JPY Heads Down For the 2nd Day In A Row; in an Uptrend Over Past 30 Days

USD/JPY Price Recap

USD/JPY is down 83 pips (0.74%) since yesterday (with its current price near 110.692), marking the 2nd day in a row it has gone down. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 30.51% from the day prior, and up 55.59% from the same day the week before. Relative to other instruments in the Forex asset class, USD/JPY ranked 33rd yesterday in terms of percentage price change. Let’s take a look at price chart of USD/JPY.

USD/JPY Technical Analysis

Coming into today the current price of USD/JPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. In addition to the moving average crossover, USD/JPY’s momentum/trend on a 14 day basis may be decelerating. Volatility for USD/JPY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days USD/JPY’s price has gone down 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDJPY, with 12 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.09, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The USD/JPY is about to test the 110.00 support. However, I expect the price to bounce-off that line and head towards the 112.00 level Again. #channelguide #channeltrader